Building Multi-Million Dollar Businesses with Skip Thaler, Part I

Episode 343: Building Multi-Billion Dollar Businesses with Skip Thaler, Part I

An obsession with opportunities started in his twenties for Skip Thaler, a multi-venture entrepreneur. We start when Skip is out of graduate school and working at IBM. His entrepreneurial mind recognized his first business opportunity. This inspires Skip to start a new business and build it into a viable business. He perfects the process of generating millions of dollars in multiple ventures and breaks down his life story by reflecting on learned lessons.

This first of three conversations lays the foundation of Skip’s entrepreneurial lifestyle. His ability to recognize opportunities and develop businesses from them is not unique to him. It is a unique skill set that all entrepreneurs possess and often take for granted or don’t realize that others do not see opportunities as they do, nor do they want to risk their livelihoods to pursue a higher goal that potentially could fail. That is one of the reasons why it takes so much energy to get new products and services into the marketplace. We must help others see the opportunity and convince them that the risk of trying our new products or services in their stores or investing in your new venture is worth it.

Skip summarizes five lessons from his first ventures, including a 5-5-2 theory he learned from his tire business that you won’t want to miss. You will get an answer to this question, is this theory what led him to his next venture with Tires Plus?

I first aired this series on November 23, 2020. That year turned into a liquidating year for Skip. Instead of expanding his real estate holdings, a confluence of events led him to sell his properties. The coronavirus pandemic hit. Riots in Minneapolis and a growing adverse political climate towards Minneapolis businesses created a negative environment for business property owners. We still feel the impact of that time and subsequent events since then.

We also discuss often not talked about issues like the financial and emotional sacrifices loved ones need to make. The degree of discipline it takes to become profitable. The experimentation required when implementing new business ideas. And the ethical, moral, and emotional health and well-being challenges. You will hear how Skip addresses these challenges as we begin analyzing each multi-million-dollar venture.

Skip’s success is tempered by humility and compassion for others. He is the first to tell you that marrying his high school sweetheart, Jill Kroll, and building a life together raising their three children and now six grandchildren are one of the best decisions he has made.

Dolly Parton described her ambition at age 74 during a Friday evening PBS Newshour episode that sparked a thought about Skip. Dolly Parton described her purpose and inspiration—releasing a Netflix musical and her first album in 30 years in 2020, A Holly Dolly Christmas—by saying, “I would rather wear out than rust out.” Skip has embraced that same philosophy, as have I. Enjoy our conversation. DOWNLOAD

NEXT STEP: Challenge yourself and do the Conscious Attentive Leadership Mentoring (C.A.L.M.) Activities, below.

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Episode Resources

Tires Plus History

Tires Plus History

Conscious Attentive Leadership Mentoring

After listening, do these three C.A.L.M. Activities:

Take this risk: Review your venture. Crunch this year’s numbers. Assess what is going on in your industry. Make a list of the opportunities you see within your industry. Ask yourself, where can I seize an opportunity to develop, shape, and mold in 2023?

Apply Self-Compassion: Sit with the list of opportunities and focus on your breath for six minutes. Breathe in and out slowly. When your mind wanders, keep coming back to your breath. Once you emerge from your meditative state, write down budding thoughts. Breathe gently for a few more minutes. Decide what your next best step will be. Then, move into action.

Welcome Appreciation: I am grateful to unpack Skip’s multi-venture entrepreneurial life with him. Analyzing a venture brings so much joy, especially when there has been such a history of critical thinking, acknowledging the facts, and implementing new learnings into each new venture that has been financially prosperous. I also appreciate the courage it takes to review one’s history. Thank you, Skip, for taking this leap of courage to share your life experiences with us.

Your Turn, say what you appreciate and are grateful for about today’s Guest Mentor, Skip Thaler.

ome Appreciation: Say to yourself, “I am

“Most of the problems in our lives and world are caused by relational dysfunction, a dysfunction in how we relate: as social groups, as individuals, to animals and the environment, and even to ourselves. Therefore, developing relational literacy—the understanding of and ability to practice healthy ways of relating—is essential for personal, social, and ecological transformation.” —Melanie Joy, psychologist, author, theorist, educator

When WeMentor… your life becomes more meaningful!!! Redefine how you lead while redesigning your business. Dual Innovation Leadership WORKS.

Podcast Guest Mentor

Skip Thaler. Multi-venture entrepreneur, Skip Thaler, loves the challenge of starting and growing successful new businesses. He is hard-working, generous, and competitive. Prospecting and capitalizing on opportunities in the marketplace to create new businesses has been the lifeblood of his success.

Skip was raised in Chippewa Falls, WI, as the eldest of 4 children. His father was influential in his successful entrepreneurial journey that began in the 1960s. He married his childhood sweetheart Jill Kroll and was blessed to have raised three adult children: George, Sara, and Tim. They now have seven grandchildren.

Skip’s undergraduate degree was earned from the University of St. Thomas, St. Paul, MN in Business and Economics. His master’s degree is in International Business from Bowling Green State University in Ohio.

His first job out of school was in sales with IBM. He left there to start a manufacturer rep. A business selling Fleetwood tires. And that led to the most successful Fleetwood Franchise in the United States. He created a brokerage tire business to sell discontinued and blemished tires that grew into $13M in sales per year. This financial success positioned him to merge his company with Tires Plus, combining the sales volume to $25M.

At Tires Plus, Skip worked to help grow the business to $50M, selling his ownership in 1991 to his two business partners. Semi-retirement allowed Skip to pursue his love of sailing and found an international tire wholesale business, Intercontinental Marketing Corporation (IMC), while upholding his 5-year United States non-compete agreement. IMC is the birthplace of three pledges Skip made to himself. No more hiring of W-2 employees. IMC will not carry accounts receivable. He will not own inventory.

Keeping faithful to his three promises, Skip prepared his company for George, his son, to join him in 1998 to learn the tire trading business. They diversified into motorcycle tires and used truck tires (casings) for retreaders. That business generated more than $10M in sales. Uniquely positioned in the marketplace, they kept their expenses under 8% of their gross profit, so 92 cents out of every dollar went to the bottom line.

In 2012, his other son, Tim, joined the business as Skip transitioned into a new business. The business of acquiring brownstone apartment buildings in Minneapolis and St. Paul. Skip acquired 25 buildings with more than 400 apartment units.

2020 turned into a liquidating year instead of expanding his real estate holdings when a confluence of events came together. The coronavirus pandemic hit. Riots in Minneapolis and a growing adverse political climate towards Minneapolis businesses created an adverse environment for business property owners. Skip sold off his portfolio and diversified into fractional ownerships of companies like Walgreens, Amazon, Tractor Supply, and companies in other business-friendly states. As a result of the confluence of events, Skip and Jill have decided to build a new home and take up residency in Florida. In the photo, Skip is sailing with friends in the Virgin Islands.

In addition to enjoying time with family, Skip has traveled all seven continents. He is a member of the Lakeville Rotary and recently served on three non-profit boards. He is a gardener, skier, and avid sailor. He has sailed across the Atlantic Ocean from The Canary Islands to St. Lucia and the Mediterranean from Greece to Gibraltar. He has logged more than 40,000 miles of sailing so far with more adventures into the foreseeable future.

In the picture, Skip is enjoying a Gopher Football Game with his buddies.